While a number of DeFi (Decentralized Finance) tokens are increasing in value, the Shiba Inu has reached the top of the Ethereum network in terms of gas usage.
Yesterday, the main Twitter account of the SHIBA ecosystem announced that Shiba Swap, a decentralized exchange developed by the anonymous Shiba Inu team, went live. Since then, Shiba's business volume has skyrocketed.
Yesterday, the ShibaSwap contract topped the list in terms of transaction fees, followed by Shiba Migrator in 2nd and Shib token in 5th, all tokens are associated with the Shiba Inu ecosystem.
Shiba is not moving in isolation, a number of other DeFi currencies are rising in price along with the launch of the exchange, possibly due to the excitement surrounding it.
While Uniswap has recently increased by 11%, Compound has recently increased by over 20%. The most significant price increase was seen in KuCoin, which rose 42% in just one day.
What is Shiba Inu?
The Shiba Inu fits the list of hundreds or thousands of cryptocurrency memes that have exploded thanks to the euphoria of the markets. Like Dogecoin, Shiba uses a dog's meme to promote itself.
The token currently has a marketcap valued at over $4.2 billion and is the 26th cryptocurrency by market capitalization.
After the massive devaluation of the markets, SHIBA is now more than 77% away from its historic high.